Service sector companies “saw strong growth in February,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 27 from 20, while the number of employees index remained at 21, the wages index climbed to 28 from 27, and the demand index grew to 26 from 24.
The indexes are the percentage of responding firms reporting increase, less the percentage reporting a decrease.
"Further Treasury rate volatility or distractions from more favorable alternatives could at the very least moderate money invested into the municipal bond market," DWS strategists said. However, "these dynamics could create periods of opportunity to buy tax-exempt bonds at attractive yields in 2025."
The bank, which has been under review by the Texas attorney general over its involvement in the Net-Zero Banking Alliance, said it is leaving the group.
The start of the new year triggers the implementation of tax laws in 39 states with trends showing cutting and flattening of income taxes while SALT cap workarounds are also being scrutinized.
After selling $500 million of revenue bonds in 2023, the turnpike authority could return to the market later this month with a $1.3 billion issue.
California's revenue windfall good budget fortune could go sideways if President-elect Donald Trump torpedoes social programs, Gavin Newsom said Monday.
Large bond sales are expected this year for airports undergoing major expansion projects in Denver, Dallas, Houston, and Austin amid rising passenger traffic.
